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Isaac Inc. began operations in January 2018 For certain of its property sales, as recognizes income in the period of sale for financial reporting purposes.
Isaac Inc. began operations in January 2018 For certain of its property sales, as recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes. Isaac recognizes income when it colects cash from the buyer's installment payments In 2018, Isaac had 5647 million in sales of this type Scheduled collections for these sales are as follow 2018 2019 2eze 2821 2022 $ 72 million 130 million 124 million 158 million 163 million $647 million Assume that isaac has a 2 income tax rate and that there were no other differences in income for financial statement and tax purposes Suppose that in 2019. legislation revised the income tax rates so that isaac would be saved in 2020 and beyond at 395 rather than 28% Assume that there were no other differences in income for financial statement purposes. Ignoring operating expenses and additional sales in 2019. what deferred tax laty would sacreport this year-end 2019 balance sheet? (Round your answer whole mon) Mme Choice TO 5145 min $125 million 5246 motion O. 0 $10 mon
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